[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1421 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1421

To amend the Internal Revenue Code of 1986 to treat as a zone business 
 an otherwise qualified business dissected by a census tract boundary 
     line of a designated empowerment zone or enterprise community.


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                   IN THE SENATE OF THE UNITED STATES

            November 17 (legislative day, November 16), 1995

   Mr. Simon introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to treat as a zone business 
 an otherwise qualified business dissected by a census tract boundary 
     line of a designated empowerment zone or enterprise community.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF BUSINESSES DISSECTED BY CENSUS TRACT BOUNDARY 
              LINES OF EMPOWERMENT ZONES OR ENTERPRISE COMMUNITIES.

    (a) In General.--Section 1397B of the Internal Revenue Code of 1986 
(defining enterprise zone business) is amended by adding at the end the 
following new subsection:
    ``(f) Treatment of Businesses Dissected by Census Tract Lines.--For 
purposes of this section, the term `enterprise zone business' includes 
any trade or business which would qualify as an enterprise zone 
business if the location of such trade or business was not dissected by 
an empowerment zone boundary.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in the amendments made by section 13301(a) of the 
Omnibus Budget Reconciliation Act of 1993.
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